Search results for: stock market microstructure

Authors: Abhijith N. V., Abhijit Pattnayak, Deepak Kumar

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Nowadays, a group of alloys, namely high entropy alloys (HEA), because of their excellent properties. However, the fabrication of HEAs requires multistage techniques, especially mill-ing, sieving, compaction, sintering, inert media, etc. These processes are laborious, costly, time-oriented, and unsuitable for commercial application. This study adopted a single-stage process-based HVOF thermal spray to develop HEA coating on SS304L substrates. The wear behavior of the deposited HEA coating was explored under different milling time durations (5h, 10h, and 15h, respectively). The effect of feedstock preparation, microstructure, surface chemistry, and mechanical and metallurgical properties on wear resistance was also investigated. The microstructure and composition of both coating and feedstock were evaluated by scanning electron microscopy (SEM) and energy dispersive spectroscopy (EDS) analysis. Finally, the phase distribution was correlated by X-ray diffraction (XRD ) analysis. The results showed that 15h milled powder coating indicated better tribological than the base substrate and 5h,10h milled powder coating. A chemically stable Body Centered Cubic (BCC) solid solution phase was generated within the 15h milled powder-coated system, which resulted in superior tribological properties.

Keywords: high entropy alloys coating, wear mechanism, HVOF coating, microstructure

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Authors: Mehdi Ghatus

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Two simple apparatus based on the hammer and anvil principle have been constructed and used to study the microstructure and micro-hardness characteristics of some AL-base alloys. Foils with thicknesses arranging from 20 µm up to 600 µm have been obtained. The cooling rate was estimated to be in the range 10^4 - 10^5 K/sec. Microstructure study of rapidly quenched Al-30% Si foils indicated that with decreasing the foil thickness the size of primary Si crystallites decreases in the whole investigated range (0.64-0.15 mm). However, the volume fraction of the primary Si crystals in the structure remained constant down to thickness the primary Si volume fraction started to decrease. Rapid quenching of Al- 14-16% Cu showed single phase cell structure. In foils up to 0.55 mm with decreasing the foil thickness the cell size decreases and micro-hardness increases particularly in foils below 0.3 mm in thickness. Isochronal annealing of theses foils show that the highly supersaturated Al-14-16% Cu solid solution decomposes readily at relatively low temperature and short time intervals. The maximum hardness is obtained after annealing at 100 °C for 30 minutes. However with decreasing the Cu content of the foils the precipitation process is largely delayed. Eight hours of annealing at 100 °C was not enough to achieve the maximum hardness in Al-4% Cu thin foils. The achieved hardness value was more than twice of the maximum hardness obtained in articles of similar composition but conventionally aged.

Keywords: aluminum, hardness, alloys, quenched aluminum

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Authors: Jaroslaw Mizera, Pawel Wisniewski, Ryszard Sitek

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Selective Laser Melting (SLM) is an advanced additive manufacturing technique used for producing parts made of wide range of materials such as: austenitic steel, titanium, nickel etc. In the our experiment we produced a Ti-AlN composite from a mixture of titanium and aluminum nitride respectively 70% at. and 30% at. using SLM technique. In order to define the size of powder particles, laser diffraction tests were performed on HORIBA LA-950 device. The microstructure and chemical composition of the composite was examined by Scanning Electron Microscopy (SEM). The chemical composition in micro areas of the obtained samples was determined by of EDS. The phase composition was analyzed by X-ray phase analysis (XRD). Microhardness Vickers tests were performed using Zwick/Roell microhardness machine under the load of 0.2kG (HV0.2). Hardness measurements were made along the building (xy) and along the plane of the lateral side of the cuboid (xz). The powder used for manufacturing of the samples had a mean particle size of 41μm. It was homogenous with a spherical shape. The specimens were built chiefly from Ti, TiN and AlN. The dendritic microstructure was porous and fine-grained. Some of the aluminum nitride remained unmelted but no porosity was observed in the interface. The formed material was characterized by high hardness exceeding 700 HV0.2 over the entire cross-section.

Keywords: Selective Laser Melting, Composite, SEM, microhardness

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Authors: Belayneh Yohannes

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In Ethiopia, onion production is increasing from time to time mainly due to its high profitability per unit area. Onion has a significant contribution to generating cash income for farmers in the Raya Azebo district. Therefore, enhancing onion producers’ access to the market and improving market linkage is an essential issue. Hence, this study aimed to analyze structure-conduct-performance of onion market and identifying factors affecting the market supply of onion producers. Data were collected from both primary and secondary sources. Primary data were collected from 150 farm households and 20 traders. Four onion marketing channels were identified in the study area. The highest total gross margin is 27.6 in channel IV. The highest gross marketing margin of producers of the onion market is 88% in channel II. The result from the analysis of market concentration indicated that the onion market is characterized by a strong oligopolistic market structure, with the buyers’ concentration ratio of 88.7 in Maichew town and 82.7 in Mekelle town. Lack of capital, licensing problems, and seasonal supply was identified as the major entry barrier to onion marketing. Market conduct shows that the price of onion is set by traders while producers are price takers. Multiple linear regression model results indicated that family size in adult equivalent, irrigated land size, access to information, frequency of extension contact, and ownership of transport significantly determined the quantity of onion supplied to the market. It is recommended that strengthening and diversifying extension services in information, marketing, post-harvest handling, irrigation application, and water harvest technology is highly important.

Keywords: oligopoly, onion, market chain, multiple linear regression

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Authors: S. Wisutmethangoon, S. Pannaray, T. Plookphol, J. Wannasin

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2024 Aluminium alloy was squeezed cast by the Gas Induced Semi Solid (GISS) process. Effect of artificial aging on microstructure and mechanical properties of this alloy was studied in the present work. The solutionized specimens were aged hardened at temperatures of 175°C, 200°C, and 225°C under various time durations. The highest hardness of about 77.7 HRE was attained from specimen aged at the temperature of 175 °C for 36 h. Upon investigation the microstructure by using Transmission Electron Microscopy (TEM), the phase was mainly attributed to the strengthening effect in the aged alloy. The apparent activation energy for precipitation hardening of the alloy was calculated as 133,805 J/mol.

Keywords: 2024 aluminium alloy, gas induced semi solid, T6 heat treatment, aged hardening, transmission electron microscopy

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Authors: H. Gonzalez-Rivera, J. L. Palmeros-Torres

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This paper describes the application of traditional computer vision techniques as a procedure for automatic measurement of the secondary dendrite arm spacing (SDAS) from microscopic images. The algorithm is capable of finding the lineal or curve-shaped secondary column of the main microstructure, measuring its length size in a micro-meter and counting the number of spaces between dendrites. The automatic characterization was compared with a set of 1728 manually characterized images, leading to an accuracy of −0.27 µm for the length size determination and a precision of ± 2.78 counts for dendrite spacing counting, also reducing the characterization time from 7 hours to 2 minutes.

Keywords: dendrite arm spacing, microstructure inspection, pattern recognition, polynomial regression

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Authors: Hananto Prakoso, Jean-Pierre Orfeuil

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The relationship between city size, urban transport efficiency (speed), employment proximity (distance) and accessibility of labour market is rarely examined especially in developing countries. This paper reveals the relationship using 2 points of views (active population and company). Then the analysis is divided according to 3 transport modes (car, public transport and motorcycle) and takes into account the vehicle ownership rate. We employ data across 111 districts in 4 big cities of Indonesia. In our result, speed indicator contributed positively to accessibility of labour market while distance elasticity is negative. In absolute value, elasticity of speed indicator is higher than that of distance.

Keywords: labour market, travel time, travel cost threshold, transportation

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Authors: Roxana Maria Angelescu, Doina Răducanu, Mariana Lucia Angelescu, Ion Cincă, Vasile Dănuţ Cojocaru, Cosmin Cotruț, Şerban Nicolae

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Titanium alloys are often used for biomedical applications as hard tissue replacements, such as: orthopedic implants, spinal fixation devices and dental implants. Their advantages are well known and demonstrated: excellent mechanical properties, biocompatibility and good corrosion resistance, but it is also known that the main disadvantage of the metallic materials is their tendency of corrosion in in-vivo environments. In 1987, titanium was found to be the only metallic biomaterial that osseointegrates. The aim of this study was to investigate the microstructure and the corrosion behavior of the Ti-20Nb-5Ta wt% alloy. In this case Nb stabilizes the β-Ti structure and Ta is a highly passivating metal. The as studied alloy was melt under argon protective atmosphere in a levitation induction melting furnace, type FIVE CELES - MP25, with a nominal power of 25 kW and a melting capacity of 30 cm3. The microstructure of the as studied alloy was analyzed by using the electronic microscope Tescan Vega II-XMU. The phase structure of the as studied alloy was determined, as well as the crystalline grain size (100-200µ). To determine the corrosion behavior of the as studied alloy, the technique used was the linear polarization, with the PARSTAT 4000 potentiostat, produced by Princeton Applied Research; potentiodynamic curves were obtained with the VeraStudio v.2.4.2 software.

Keywords: corrosion resistance, microstructure, titanium alloys

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Authors: Dezie L. Warganegara, Dewi Tamara

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The objectives of this study are to investigate the existence of the sticky cost behaviour of firms listed in the Indonesia Stock Exchange (IDX) and to find an evidence on the effects of sticky operating expenses (SG&A expenses) on profitability of firms. For the first objective, this study found that the sticky cost behaviour does exist. For the second objective, this study finds that the stickier the operating expenses the less future profitability of the firms. This study concludes that sticky cost affects negatively to the performance and, therefore, firms should include flexibility in designing the cost structure of their firms.

Keywords: sticky costs, Indonesia Stock Exchange (IDX), profitability, operating expenses, SG&A

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Authors: Adiyam Amare

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This research explores the handloom weaving quality and fashion development process for traditional Ethiopian costumes, particularly focusing on the challenges and opportunities within the contemporary global fashion market. Through a qualitative approach, including interviews and direct observations, the study identifies key factors affecting the handloom industry, such as quality improvement, market integration, and cultural preservation. The findings suggest that enhancing production quality, modernizing techniques, and fostering global market participation can significantly improve the competitiveness of Ethiopian traditional garments in the global fashion industry.

Keywords: fashion, culture, design, textile

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Authors: H. Karakoc, A. Uzun, G. Kırmızı, H. Çinici, R. Çitak

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The main objective of this investigation was to apply friction welding for joining of AA7039 rods produced by powder metallurgy. Friction welding joints were carried out using a rotational friction welding machine. Friction welds were obtained under different rotational speeds between (2700 and 2900 rpm). The friction pressure of 10 MPa and friction time of 30 s was kept constant. The cross sections of joints were observed by optical microscopy. The microstructures were analyzed using scanning electron microscope/energy dispersive X-ray spectroscopy. The Vickers micro hardness measurement of the interface was evaluated using a micro hardness testing machine. Finally the results obtained were compared and discussed.

Keywords: Aluminum alloy, powder metallurgy, friction welding, microstructure

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Authors: B. Marasović, S. Pivac, S. V. Vukasović

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Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Markowitz model, fractional quadratic programming, portfolio optimization, transaction costs

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Authors: Emmanuel Flores Huicochea, Guadalupe Borja Mendiola, Jacqueline Flores Lopez, Rodolfo Rendon Villalobos

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The usual procedure to investigate the properties of biodegradable films has been to prepare the film, measure the mechanical or transport properties and then decide whether the mixture has better properties than the individual components, instead of investigating whether the mixture has biopolymer-biopolymer interaction, then prepare the film and finally measure the properties of the film. The work investigates the presence of interaction biopolymer-biopolymer in a mixture of chia biopolymer and gelatin using Laser Confocal Microscopy (LCM). Previously, the chia biopolymer was obtained from chia seed. CML analysis of mixtures of chia biopolymer-gelatin without Na⁺ ions exhibited aggregates of different size, in the range of 100-400 μm, of defined color, for the two colors, but no mixing of color was observed. The increased of gelatin in the mixture decreases the size and number of aggregates. The tridimensional microstructure reveled that there are two layers of biopolymers, chia and gelatin well defined. The mixture chia biopolymer-gelatin with 10 mM Na⁺ and with a ratio 75:25 (chia-gelatin) showed lower aggregated size than others mixture with and without ions. This result could be explained because the chia biopolymer is a polyelectrolyte and the added sodium ions reduce the molecular rigidity by neutralizing the negative charges that the chia biopolymer possesses and therefore a better biopolymer-biopolymer interaction is allowed between the biopolymer of chia and gelatin.

Keywords: biopolymer-biopolymer interaction, confocal laser microscopy, CLM, microstructure, mixture chia-gelatin

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Authors: Istijabatul Aliyah, Bambang Setioko, Rara Sugiarti

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Surakarta is one of the cities which are formed with the concept of Javanese cosmology. As a traditional town of Java, Surakarta is known as ‘the paradise’ of traditional markets. Since its establishment, Surakarta is formed with Catur Gatra Tunggal or Four Single-Slot concept (palace, square, mosques, and markets). Current development in Surakarta downtown today indicates that traditional markets have improved themselves in both physical and non-physical aspects. The efforts start from the market façade revitalization, restoration and the overall development of market; up to social activities, competition between traders or large celebrations in the neighbourhood market. This research was conducted in Surakarta, which is aimed at: identifying the role of traditional market revitalization efforts in the development of a city. This study employs several methods of analysis, namely: 1) Spatial analysis for mapping the distribution of traditional markets in the city constellation, 2) Category-Based Analysis (CBA) to classify the revitalization of traditional markets that has an influence in the development of the city, and 3) Interactive Method of Analysis. The results of this research indicate that the presence of a constellation of traditional markets in Surakarta is dominated by the presence of Gede Market, not only as the oldest traditional market, but also as a center of economic and socio-cultural activities of the community. The role of traditional market revitalization in the development of a town is as an Urban Catalyst towards a MICE city in the sense that the revitalization effort, even done in a relatively short time and not yet covering the overall objects, is able to establish brand image of Surakarta as a city of culture which is friendly and ready to be MICE tourism city.

Keywords: traditional market revitalization, urban catalyst, MICE tourism, Surakarta

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Authors: Autcha Araveeporn

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This paper presents a study about a nonparametric regression model consisting of a smoothing spline method and a penalized spline regression method. We also compare the techniques used for estimation and prediction of nonparametric regression model. We tried both methods with crude oil prices in dollars per barrel and the Stock Exchange of Thailand (SET) index. According to the results, it is concluded that smoothing spline method performs better than that of penalized spline regression method.

Keywords: nonparametric regression model, penalized spline regression method, smoothing spline method, Stock Exchange of Thailand (SET)

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Authors: H. C. Chinwenyi, H. D. Ibrahim, F. A. Ahmed

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In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.

Keywords: equivalent martingale measure, European put option, girsanov theorem, martingales, monte carlo method, option price valuation formula

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Authors: Dwi Wijiastutik, Tarjo, Yuni Rimawati

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The purpose of this empirical study is to analyse how to the market reaction and the conservative degree changes on the adoption of International Financial Reporting Standart (IFRS) through Jakarta Islamic Index. The study also has given others additional analysis on the profitability, capital structure and size company toward IFRS adoption. The data collection methods used in this study reveals as secondary data and deep analysis to the company’s annual report and daily price stock at yahoo finance. We analyse 40 companies listed on Jakarta Islamic Index from 2010 to 2014. The result of the study concluded that IFRS has given a different on the depth analysis to the two of variance analysis: Moderated Regression Analysis and Wilcoxon Signed Rank to test developed hypotheses. Our result on the regression analysis shows that market response and conservatism principle is not significantly after IFRS Adoption in Jakarta Islamic Index. Furthermore, in addition, analysis on profitability, capital structure, and company size show that significantly after IFRS adoption. The findings of our study help investor by showing the impact of IFRS for making decided investment.

Keywords: IFRS, earnings response coefficient, conservatism principle

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Authors: Gaurav Kumar Sinha

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The volatility of the oil market, influenced by geopolitical, economic, and environmental factors, presents significant challenges for stakeholders in predicting trends and demand. This article explores the application of artificial intelligence (AI) in developing robust forecasting models to anticipate changes in the oil market more accurately. We delve into various AI techniques, including machine learning, deep learning, and time series analysis, that have been adapted to analyze historical data and current market conditions to forecast future trends. The study evaluates the effectiveness of these models in capturing complex patterns and dependencies in market data, which traditional forecasting methods often miss. Additionally, the paper discusses the integration of external variables such as political events, economic policies, and technological advancements that influence oil prices and demand. By leveraging AI, stakeholders can achieve a more nuanced understanding of market dynamics, enabling better strategic planning and risk management. The article concludes with a discussion on the potential of AI-driven models in enhancing the predictive accuracy of oil market forecasts and their implications for global economic planning and strategic resource allocation.

Keywords: AI forecasting, oil market trends, machine learning, deep learning, time series analysis, predictive analytics, economic factors, geopolitical influence, technological advancements, strategic planning

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Authors: Shuai Yang, Bin Li, Sixing Chen

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Engaging and co-creating value with buyers (i.e., the buying organizations) have rapidly become a rising trend for sellers (i.e., the selling organizations) within Business-to-Business (B2B) environments, through which buyers can interact more with sellers and be better informed about products. One important way to achieve this is through engaging with buyers on social media, termed as brand engagement on social media, which provides a platform for sellers to interact with customers. This study addresses the research gap by answering the following questions: (1) Are B2B firms’ brand engagement on social media related to their firm value? (2) To what extent do analyst stock recommendations channel B2B firms’ brand engagement on social media’s possible impact on firm value? To answer the research questions, this study collected data merged from multiple sources. The results show that there is a positive association between seller-initiated engagement and B2B sellers’ firm value. Besides, analyst stock recommendations mediate the positive relationships between seller-initiated engagement and firm value. However, this study reveals buyer-initiated engagement has a counterintuitive and negative relationship with firm value, which shows a dark side of buyer-initiated engagement on social media for B2B sellers.

Keywords: brand engagement, B2B firms, firm value, social media, stock recommendations

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Authors: Katarzyna Olejko

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The need to redefine the goals and adapt the operational activities carried out in accordance with the concept of sustainable management to these goals results in the increasing importance of information on the company's activities perceived from the perspective of the effectiveness and efficiency of environmental goals implementation. The narrow scope of reporting data on a company's impact on the environment is not adequate to meet the information needs of modern investors. Reporting obligations are therefore imposed on companies in order to increase the effectiveness of corporate governance and to improve the process of assessing the achievement of environmental goals. The non-financial reporting obligations introduced in Polish legislation increased the scope of reported information. However, the lack of detailed guidelines on the method of reporting resulted in a large diversification of the scope of non-financial information, making it impossible to compare the data presented by companies. The source of information regarding the level of the implementation of standards in Environmental, social and corporate governance (ESG) is the report on compliance with best practices published by the Warsaw Stock Exchange. The document Best Practices of Warsaw Stock Exchange (WSE) Listed Companies (2021), amended by the WSE in 2021, includes the rules applicable to this area (ESG). The aim of this article is to present the level of compliance with good practices in the area of ESG by selected companies listed on the Warsaw Stock Exchange The research carried out as part of this study, which was based on information from reports on the compliance with good practices of companies listed on the Warsaw Stock Exchange that was made available in the good practice scanner, have revealed that good practices in the ESG area are implemented by companies to a limited extent. The level of their application in comparison with other rules is definitely lower. The lack of experience and clear guidelines on ESG reporting may cause some confusion, which is why conscious investors and reporting companies themselves are pinning their hopes on the Corporate Sustainability Reporting Directive (CSRD) adopted by European Parliament.

Keywords: reporting, ESG, corporate governance, best practices

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Authors: Mehmet Ekici

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In this study, the fading time affecting the mechanical properties and microstructures of vermicular cast iron were studied. Pig iron and steel scrap weighing about 12 kg were charged into the high-frequency induction furnace crucible and completely melted for production of vermicular cast iron. The slag was skimmed using a common flux. After fading time was set at 1. 3 and 5 minutes. In this way, three vermicular cast iron was produced that same composition but different phase structures. The microstructure of specimens was investigated, and uni-axial tensile test and the Charpy impact test were performed, and their micro-hardness measurements were done in order to characterize the mechanical behaviours of vermicular cast iron.

Keywords: vermicular cast iron, fading time, hardness, tensile test and impact test

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Authors: Craig M. Allen

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Twenty two African entrepreneurs with Small and Medium Enterprises (SMEs) in a single social network centered around a non-Muslim population in a smaller African country, selected an Islamic financing structure, a form of Murabaha, based solely on market rationale. These entrepreneurs had all won procurement contracts from major purchasers of goods within their country and faced difficulty arranging traditional bank financing to support their supply-chain needs. The Murabaha-based structure satisfied their market-driven demand and provided an attractive alternative to the traditional bank-offered lending products. The Murabaha-styled trade-financing structure was not promoted with any religious implications, but solely as a market solution to the existing problems associated with bank-related financing. This indicates the strong market forces that draw SMEs to financing structures that are traditionally considered within the framework of Islamic finance.

Keywords: Africa, entrepreneurs, Islamic finance, market acceptance, Murabaha, SMEs

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Authors: Yurdum Cokadar

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The United States is the country where the majority of highly skilled immigrants are hosted. Two-thirds of foreign-born migrants from Turkey - an underrepresented and understudied immigrant group in the United States - are highly skilled. Generated by the aim of filling this gap in the literature, the motivation of this research is to understand highly skilled Turkish immigrant women’s integration into the U.S. labor market, including barriers that they face and strategies they develop to rebuild their career after relocation. The in-depth interviews of 20 highly skilled Turkish women residing in the U.S. revealed that the majority of women participants are either not integrated into the labor market, occupy positions below their skill, or cannot reach the same upper segments of the labor market in the host country, arising from a range of structural and personal barriers interplaying in their career trajectories. Furthermore, many of them cannot transfer their social and cultural capital gained in their home country into the United States. The labor market participation process of these women is analyzed in the light of Bourdieu’s theory of capital and the intersectional approach of gender, class and ethnicity in order to understand the positions of highly skilled immigrant women in the host country labor market.

Keywords: deskilling, gender, class and ethnicity, highly skilled women immigrants, integration into the U.S. the labor market, labor market participation, skilled migration, theory of capital

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Authors: Soumaya Ben Kheilifa, Dorra Mezzez Hmaied

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We propose two approaches to examine whether European hedge fund managers can time market liquidity. Using a sample of 1616 European hedge funds, we find evidence of liquidity timing. More importantly, this ability adds economic value to investors. Thus, it represents valuable managerial skill and a major source of European hedge funds’ performance. Also we show that the majority of these funds demonstrate liquidity timing ability especially during liquidity crisis. Finally, it emerged that our main evidence of liquidity timing remains significant after controlling for market timing and volatility timing.

Keywords: european hedge funds, liquidity timing ability, market liquidity, crisis

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Authors: Bastian Haarmann, Likas Sikorski

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In this paper, we introduce an NLG application for the automatic creation of ready-to-publish texts from big data. The fully automatic generated stories have a high resemblance to the style in which the human writer would draw up a news story. Topics may include soccer games, stock exchange market reports, weather forecasts and many more. The generation of the texts runs according to the human language production. Each generated text is unique. Ready-to-publish stories written by a computer application can help humans to quickly grasp the outcomes of big data analyses, save time-consuming pre-formulations for journalists and cater to rather small audiences by offering stories that would otherwise not exist.

Keywords: big data, natural language generation, publishing, robotic journalism

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Authors: Asim Alsharif, Christophe Pinna, Hassan Ghadbeigi

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The development of next-generation advanced high strength steels (AHSS) used in the automotive industry requires a better understanding of local deformation and damage development at the scale of their microstructures. This work is focused on dual-phase DP1000 steels and involves micro-mechanical tensile testing inside a scanning electron microscope (SEM) combined with digital image correlation (DIC) to quantify the heterogeneity of deformation in both ferrite and martensite and its evolution up to fracture. Natural features of the microstructure are used for the correlation carried out using Davis LaVision software. Strain localization is observed in both phases with tensile strain values up to 130% and 110% recorded in ferrite and martensite respectively just before final fracture. Damage initiation sites have been observed during deformation in martensite but could not be correlated to local strain values. A finite element (FE) model of the microstructure has then been developed using Abaqus to map stress distributions over representative areas of the microstructure by forcing the model to deform as in the experiment using DIC-measured displacement maps as boundary conditions. A MATLAB code has been developed to automatically mesh the microstructure from SEM images and to map displacement vectors from DIC onto the FE mesh. Results show a correlation of damage initiation at the interface between ferrite and martensite with local principal stress values of about 1700MPa in the martensite phase. Damage in ferrite is now being investigated, and results are expected to bring new insight into damage development in DP steels.

Keywords: advanced high strength steels, digital image correlation, finite element modelling, micro-mechanical testing

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Authors: Nipa Debnath, Harinarayan Das, Takahiko Kawaguchi, Naonori Sakamoto, Kazuo Shinozaki, Hisao Suzuki, Naoki Wakiya

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Nowadays spinel ferrite magnetic thin films have drawn considerable attention due to their interesting magnetic and electrical properties with enhanced chemical and thermal stability. Spinel ferrite magnetic films can be implemented in magnetic data storage, sensors, and spin filters or microwave devices. It is well established that the structural, magnetic and transport properties of the magnetic thin films are dependent on microstructure. Spinodal decomposition (SD) is a phase separation process, whereby a material system is spontaneously separated into two phases with distinct compositions. The periodic microstructure is the characteristic feature of SD. Thus, SD can be exploited to control the microstructure at the nanoscale level. In bulk spinel ferrites having general formula, MₓFe₃₋ₓ O₄ (M= Co, Mn, Ni, Zn), phase separation via SD has been reported only for cobalt ferrite (CFO); however, long time post-annealing is required to occur the spinodal decomposition. We have found that SD occurs in CoF thin film without using any post-deposition annealing process if we apply magnetic field during thin film growth. Dynamic Aurora pulsed laser deposition (PLD) is a specially designed PLD system through which in-situ magnetic field (up to 2000 G) can be applied during thin film growth. The in-situ magnetic field suppresses the recombination of ions in the plume. In addition, the peak’s intensity of the ions in the spectra of the plume also increases when magnetic field is applied to the plume. As a result, ions with high kinetic energy strike into the substrate. Thus, ion-impingement occurred under magnetic field during thin film growth. The driving force of SD is the ion-impingement towards the substrates that is induced by in-situ magnetic field. In this study, we report about the occurrence of phase separation through SD and evolution of microstructure after phase separation in spinel ferrite thin films. The surface morphology of the phase separated films show checkerboard like domain structure. The cross-sectional microstructure of the phase separated films reveal columnar type phase separation. Herein, the decomposition wave propagates in lateral direction which has been confirmed from the lateral composition modulations in spinodally decomposed films. Large magnetic anisotropy has been found in spinodally decomposed nickel ferrite (NFO) thin films. This approach approves that magnetic field is also an important thermodynamic parameter to induce phase separation by the enhancement of up-hill diffusion in thin films. This thin film deposition technique could be a more efficient alternative for the fabrication of self-organized phase separated thin films and employed in controlling of the microstructure at nanoscale level.

Keywords: Dynamic Aurora PLD, magnetic anisotropy, spinodal decomposition, spinel ferrite thin film

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Authors: Marwa Abdulsalam, Osamu Suzuki, Wirawan Dony Dahana

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One of the remarkable and unique industries in Japan is the food samples industry which can be noticed in most of the restaurants located around Japan. However, the market is getting saturated, which has pushed Japanese food sample manufacturers to start exploring new international markets. Most of the markets they explored were in the East Asian region, such as China or Korea. In this research, we examine the feasibility and the potential adoption rate of food samples in the international market outside the East Asian region. The main focus of this study is on the Saudi Arabian market. Nonetheless, since Saudi Arabia is a big market, the study results could possibly be applied to the international market as well. The study has conducted a quantitative survey to test the potential of the food samples industry in Saudi Arabia especially in 4 major cities: Jeddah, Mecca, Riyadh, and Dammam. The survey also tests the willingness to purchase, the average price point that the consumer is willing to pay for food samples, and the factors that drive restaurant owners to adopt the food samples system. The study created a correlation analysis between different factors, such as the geographic factor and the size of the restaurant factor, to examine the effect of different aspects on the purchasing decision. The study has found that the Japanese food samples system is predicted to adapt successfully in the Saudi Arabian market and in the international market alike due to the high importance of the food culture and the existence of the communication challenges that the food samples can solve. Additionally, the market survey stated in this study indicated that 83% of the restaurants’ managers are willing to adopt this system in their restaurants.

Keywords: food samples, innovative marketing, international market, marketing method

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Authors: Fety Nurlia Muzayanah, Arif Imam Suroso, Mukhamad Najib

Abstract:

The market share of organic food in Indonesia just reaches 0.5-2 percents from the entire of agricultural products. The aim of this research is to analyze the relation of gender, work, age and final education toward the buying interest of organic food, to identify the factors influencing the resistance of the purchase of organic food, and to identify the market education process. The analysis result of Structural Equation Modeling (SEM) shows the factors causing the resistance of the purchase of organic food are the negative attitude toward organic food, the lack of affordable in range for organic food product and the lack of awareness toward organic food, while the subjective norms have no significant effect toward the buying interest. The market education process which can be done is the education about the use of the health of organic food, the organic certification and the economic value.

Keywords: market education, organic food, consumer behavior, structural equation modeling

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Authors: Amirhossein Khazali, Mohsen Kalantar

Abstract:

Energy storage units can play an important role to provide an economic and secure operation of future energy systems. In this paper, a stochastic energy and reserve market clearing scheme is presented considering storage energy units. The approach is proposed to deal with stochastic and non-dispatchable renewable sources with a high level of penetration in the energy system. A two stage stochastic programming scheme is formulated where in the first stage the energy market is cleared according to the forecasted amount of wind generation and demands and in the second stage the real time market is solved according to the assumed scenarios.

Keywords: energy and reserve market, energy storage device, stochastic programming, wind generation

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